The Use of FICO Scores in Glen White, West Virginia

 Credit Repair  Comments Off on The Use of FICO Scores in Glen White, West Virginia
Jan 232017
 

In Glen White Your FICO Score is Important

Here are the Best Ways to Improve Your Credit Report FICO Score

In Glen White, West Virginia one of the best popular discussions with people is connected to credit reports. The main reason for this is due to the fact that the score achieved by any consumer would greatly affect the amount of mortgage, loans and many other financial related services.

To put it simply, a credit rating compares to a report card from Glen White High School (I know, we’ve all been through that) where you would get a reprimand for something low but get a reward for a good performance.

Unlike what lots of people in Glen White believe, there is not a single, universal way of categorizing credit history where the last time you took an extra 5 cents from the cashier would be recorded on your credit report.

There is however, a widely used popular credit score in the U.S., known as FICO or Fair Isaac Corporation. FICO score basically indicates the likelihood of a person to default on a loan and this is a commonly used tool by most Glen White banking and mortgage brokers in Glen White.

Before going into the discussion on how FICO rating can be increased, it valuable to have an idea on what your FICO rating is based upon.

Essentially, FICO rating is separated into a few statistical components where these components are made up from:

  • 35% – punctuality of payment in the past
  • 30% – the amount of debt, expressed as the ratio of current revolving debt (credit card balances and others) to total available revolving credit (credit limits).
  • 15% – length of credit history.
  • 10% – varieties of credit used (installment, revolving or consumer finance).
  • 10% – recent search for credit and/or amount of credit obtained recently.

The first step to improving a FICO rating is to get a copy of your personal credit report. This can be attained from Equifax, TransUnion and Experian.

After that, brace yourself for the torment (or delight if you’re a bookkeeper) of going through all the numbers and ensuring everything adds up to the best of your recollection.

The main reason is because if something is incorrect in the report, it’s best to get it fixed because it can take up to several months in order to get a proper correction.

If you have serious credit card debt where most of your balances are close to the credit line, it’s best if you pay them off immediately. If you need help paying off debt, contact OperationCare for financial coaching. Call them at 844-207-3818.

The banks and lenders prefer a large gap between a credit card balance and the credit limit, approximately a ratio of 40% between balance/limit. Paying off maxed out credit card debt would definitely increase the FICO score as it impacts 30% of the FICO score.

Subsequently, it is equally important for you to pay off your debt on schedule. Even if you manage to pay off your debt, it would not have the impact you want on your FICO score if you do not pay your debt on time and every month.

The punctuality of your payment takes up 35% of your score and it is important to know that paying your debt on time NOW is outweighed by the fact that you paid your debt on schedule 3 years ago.

It is always important to keep your longest standing account. Because the longer you have your financial history established; the easier it is for the creditors or banks to know how reliable your FICO score actually is.

Even if you score a relatively high score, if your credit history is just 5 years as compared to an average rating with a credit history of 30 years, the person with the longer credit history would possibly obtain a larger loan or a lower annual interest rate.

All in all, it’s a not rocket science when it pertains to raising your FICO score. All it takes is for you to decrease your credit card debt, pay your bills on schedule and keep track of where you are heading in your spending, mortgage and loans.

The specialists at Cambridge Credit Repair can help you better understand your credit report. Enroll in one of their coaching programs to improve your score.

Even if you don’t live in Glen White, West Virginia you can call toll free 844-207-3818 in order to get started increasing your credit history and fixing your credit report.

The Use of FICO Scores in West End, Texas

 Credit Repair  Comments Off on The Use of FICO Scores in West End, Texas
Jan 212017
 

In West End The FICO Score is Important

Here are the Best Ways to Improve Your Credit Report FICO Score

In West End, Texas one of probably the most typical discussions with friends is related to credit scoring. The main reason for this is because the score achieved by any person would significantly impact the amount of home mortgage, car loans and many other financial services.

Simply put, a credit score compares to a report card from West End High School (I know, we have all been through that) where you would get a reprimand for a low grade but rewarded for a good performance.

Contrary to what most people in West End believe, there is not a single, universal way of categorizing credit score where the last time you took an extra nickel from the cashier would be recorded on your credit history.

There is, a widely used popular credit score in the United States, known as FICO or Fair Isaac Corporation. FICO score basically indicates the likelihood of a person to default on a loan and this is a commonly utilized tool by most national banking and mortgage brokers in West End.

Before engaging in the discussion on how FICO rating can be improved, it valuable to have an outline on what FICO rating is based.

Simply speaking, FICO rating is separated into a few statistical components where these components are made up from:

  • 35% – punctuality of payment in the past
  • 30% – the amount of debt, expressed as the ratio of current revolving debt (credit card balances and others) to total available revolving credit (credit limits).
  • 15% – length of credit history.
  • 10% – types of credit used (installment, revolving or consumer finance).
  • 10% – recent search for credit and/or amount of credit obtained recently.

The initial step to improving a FICO rating is to obtain a copy of your credit report. This can be attained from Equifax, TransUnion or Experian.

Then, prepare yourself for the pain (or delight if you are an accounting professional) of going through all the numbers and ensuring everything adds up to the best of your recollection.

The main reason is if something is incorrect in your credit report, it’s best to get it corrected immediately because it can take up to several months to get a update entered.

If you have serious Charge Card debt where most of your credit card balances are close to the credit line, it’s best if you pay them off asap. If you need help paying off debt, contact Operation Care for financial coaching. Call them at 844-207-3818.

The banks and lenders prefer a significant gap between a credit card balance and the credit limit, approximately a ratio of 40% between balance/limit. Paying off maxed out credit card debt would definitely increase the FICO score as it impacts 30% of the FICO score.

Next, it is equally important for you to pay off your debt on schedule. Even if you are able to pay off your debt, it would not have the impact you want on your FICO score if you do not pay your debt on time and each time.

The punctuality of your payment affects 35% of your score and it is vital to know that paying your debt on schedule NOW is outweighed by the fact that you paid your debt on schedule 3 years ago.

It is always important to maintain your longest standing account. Because the longer you have your financial history established; the easier it is for the creditors or banks to know how reliable your FICO score actually is.

For instance, even though you score a relatively high score, if you credit history is just 5 years when compared with an average rating with a credit history of 30 years, the person with the longer credit history would possibly qualify for a larger loan or a lower annual interest rate.

All in all, it’s a not nuclear physics when it concerns raising your FICO score. All it takes is for you to decrease your total debt, pay your bills in a timely manner and keep an eye on where you are heading in your spending, mortgage and loans.

The specialists at CambridgeCreditRepair.com can help you better understand your credit history. Enroll in one of their coaching programs to improve your score.

Even if you don’t live in West End, Texas you can call toll free 844-207-3818 to get started increasing your credit history and fixing your credit report.

The Use of FICO Scores in Elkins, New Mexico

 Credit Repair  Comments Off on The Use of FICO Scores in Elkins, New Mexico
Jan 212017
 

In Elkins FICO Score is Important

Here are the Best Ways to Improve Your Credit Report FICO Score

In Elkins, New Mexico some of the most frequent discussions amongst friends would be related to credit reports. The reason behind this is due to the fact that the score achieved by any individual would significantly affect the amount of mortgage interest, loan rates and many other financial related services.

Simply put, a credit report compares to a report card from Elkins High School (I know, we’ve all been through that) where you would get a punishment for a low grade and a reward for a high score.

Unlike what lots of folks in Elkins believe, there is no one universal way of categorizing credit rating where the last time you took an extra 5 pennies from the cashier would be recorded on your credit history.

There is, a widely used well known credit score in the USA, known as FICO or Fair Isaac Corporation. FICO score basically indicates the likelihood of a person to default on a loan and this is a commonly adopted tool by most Elkins banking and loan companies in Elkins.

Before engaging in the discussion on how FICO rating may be increased, it important to have an idea on what FICO rating is based upon.

Essentially, FICO rating is separated into a few statistical components where these components are made up from:

  • 35% – punctuality of payment in the past
  • 30% – the amount of debt, expressed as the ratio of current revolving debt (credit card balances and others) to total available revolving credit (credit limits).
  • 15% – length of credit history.
  • 10% – types of credit used (installment, revolving or consumer finance).
  • 10% – recent search for credit and/or amount of credit obtained recently.

The first step to improving a FICO rating is to get a copy of your credit report. This can be attained from Equifax, TransUnion or Experian.

Then, prepare yourself for the pain (or delight if you are an accounting professional) of examining all the numbers and making sure everything adds up to the best of your recollection.

The main reason is because if something is wrong in your report, it’s best to get them corrected because it can take up to several months to get a proper correction.

If you have serious Charge Card debt where most of your credit card balances are close to the credit limit, it’s best if you pay them off as soon as possible. If you need help paying off debt, contact OperationCare.com for financial coaching. Call them at 844-207-3818.

The banks and lenders prefer a significant gap between a credit card balance and the credit limit, approximately a ratio of 40% between balance/limit. Paying off high balance credit card debt would definitely increase the FICO score as it impacts 30% of the FICO score.

Then, it is equally important for you to pay off your debt promptly. Even if you have the ability to pay off your debt, it would not have the desire impact on your FICO score if you do not pay your debt on time and every time.

The punctuality of your payment affects 35% of your score and it is very important to know that paying your debt on time NOW is outweighed by the fact that you paid your debt in a timely manner 3 years ago.

It is always important to maintain your longest standing account. Because the longer you have your financial history established; the easier it is for the creditors or banks to know how reliable your FICO score actually is.

Even if you score a relatively high score, if your credit history is just a few years as compared to an average rating with a credit history of 30 years, the person with the longer credit history would possibly qualify for a larger loan or a lower annual interest rate.

All in all, it’s a not nuclear physics when it concerns raising your FICO score. All it takes is for you to lower your credit card debt, pay your bills on time and keep track of where you are heading in your spending, mortgage and loans.

The specialists at Cambridge Credit Repair can help you better understand your credit history. Enroll in one of their coaching programs to improve your score.

Even if you don’t live in Elkins, New Mexico you can call toll free 844-207-3818 to get started increasing your credit history and fixing your credit report.

Credit Repair in Wanamakers, Pennsylvania

 Credit Repair  Comments Off on Credit Repair in Wanamakers, Pennsylvania
Jan 212017
 

Tackling Credit Repair On Your Own (What To Do And What Not To Do).

If you have just recently been turned down for a loan, or for a new credit card, you may be in need of credit repair. You have either managed your credit poorly, which has reflected in your credit report; or your credit file has some erroneous items, thus negatively impacting your report.

TO DO:

Here is a strategy to help with your credit repair as recommended click here. You can do this on your own and can thus repair your credit for free.

• Request a copy of your credit report from any one of the 3 credit bureaus. If this is your first request of the year, you will be given the report for free.

• Once you have your report, examine it closely. You have to study all the entries and mark all those which are incorrect and which are damaging your credit worthiness.

• After you have determined the wrong entries, you have to contact the credit reporting agencies and tell them to delete the erroneous entries from your report.

• Even if there are some correct entries in your credit report, but these are negative in nature, you could still get them removed. This would go a long way in ensuring credit repair. There is a certain time limit for which negative entries can stay on your report (usually between seven and ten years). If such time limit has passed, you should write to the credit bureaus to delete the negative items from your report.

• Ensure that all your correspondence with the credit companies and agencies is through registered mail. This way, you have proof of your requests and also when exactly you initiated the process of your credit repair. Keeping a record will also help you in case any deleted entry is re-included in your report anytime in the future.

• Within 30 days, some action should have been taken regarding the wrong items on your report. If the credit bureaus determine that the entries were in fact wrong, they will remove it from your report, thus bringing about the credit repair that you were after.

In case the matter is not resolved to your satisfaction, you should continue challenging the items on your report till such time that credit repair has indeed occurred.

NOT TO DO:

People whose credit report is very low or who have a bad credit report often try desperate means to repair credit and thus end up hurting their credit even more. Much of the information available on credit score repair and credit report repair tells you what to do to restore good credit. However, we will tell you about some of the things that you should NOT do in order to repair bad credit.

File Segregation: Many credit repair companies lure people with the false promises of bad credit repair by telling them that they can create a new credit file for them by issuing them a new identity. Thus, no matter what any credit repair company tells you – things like you will not be able to get any loans or even a credit card for the next few years, or that you will not be able to get a job etc; under no circumstances should you agree to the process of file segregation to repair bad credit.

2. Deleting accurate information from credit report: Some credit repair companies make claims to people that they can repair credit by getting accurate information of a negative nature deleted from their credit reports, thus improving their credit rating. This simply can not be done. Only inaccurate information can be removed from a credit report and not accurate data, unless such data is older than 7 to 10 years. Thus, you should not trust someone who tells you that they can repair bad credit by removing negative items from your credit report.

3. Advance Payments: No credit repair firm is legally allowed to ask for advance payments. They can only charge for services that have already been given and not beforehand. Thus, you should NOT be taken in by any company who wants high advance payments.

To find out more about Cambridge Credit Repair agency go ahead and click here.

Fixing Your Own Credit

 Credit Repair  Comments Off on Fixing Your Own Credit
Jan 212017
 

Embarking on Credit Repair On Your Own (What To Do And What Not To Do).

Debt counseling from an FPU CoachIf you have just recently been turned down for a loan, or for a new credit card, you may be in need of credit repair. Being denied credit is often the result of a bad credit report, which can happen in two situations. You have either managed your credit poorly, which has reflected in your credit report; or your credit file has some erroneous items, thus negatively impacting your report. In either scenario, it is vital that you undertake credit repair as soon as possible.

DO THIS:

Here is a strategy to help with your credit repair. You can do this on your own and can thus repair your credit for free.

– Request a copy of your credit report from any one of the 3 credit bureaus. If this is your first request of the year, you will be given the report for free.

– Once you have your report, examine it closely. You have to study all the entries and mark all those which are incorrect and which are damaging your credit worthiness.

– After you have determined the wrong entries, you have to contact the credit reporting agencies and tell them to delete the erroneous entries from your report.

– Even if there are some correct entries in your credit report, but these are negative in nature, you could still get them removed. This would go a long way in ensuring credit repair. There is a certain time limit for which negative entries can stay on your report (usually between 7 and ten years). If such time limit has gone by, you should write to the credit bureaus to delete the negative items from your report.

– Ensure that all your correspondence with the credit companies and agencies is through registered mail. This way, you have proof of your requests and also when exactly you initiated the process of your credit repair. Keeping a record will also help you in case any deleted entry is re-included in your report anytime in the future.

– Within 30 days, some action should have been taken regarding the wrong items on your report. If the credit bureaus determine that the entries were in fact wrong, they will remove it from your report, thus bringing about the credit repair that you were after.

In case the matter is not resolved to your satisfaction, you should continue challenging the items on your report till such time that credit repair has indeed occurred.

DON’T DO THIS:

People whose credit rating is very low or who have a bad credit report often try desperate means to repair credit and thus end up hurting their credit even more. The majority of the information available on credit score repair and credit report repair tells you what to do to restore good credit. However, we will tell you about some of the things that you should NOT do in order to repair bad credit.

1. File Segregation: Many credit repair companies lure people with the false promises of bad credit repair by telling them that they can create a new credit file for them by issuing them a new identity. This is known as file segregation. However, you need to understand that such a process is not legal and can even put you behind bars if you try to segregate your credit file to repair bad credit. Thus, no matter what any credit repair company tells you – things like you will not be able to get any loans or even a credit card for the next few years, or that you will not be able to get a job etc; under no circumstances should you agree to the process of file segregation to repair bad credit.

Deleting accurate information from credit report: Some credit repair agencies make claims to people that they can repair credit by getting accurate information of a negative nature deleted from their credit reports, thus improving their credit rating. Thus, you should not trust anyone who tells you that they can repair bad credit by removing negative items from your credit report.

3. Advance Payments: No credit repair agency is legally allowed to ask for advance payments. They can only charge for services that have already been given and not beforehand. Thus, you should NOT be taken in by any company who wants high advance payments.

To get in contact with Operation Care, click here.

Credit Repair in Brushtown, Pennsylvania

 Credit Repair  Comments Off on Credit Repair in Brushtown, Pennsylvania
Jan 212017
 

Tackling Credit Repair On Your Own (What To Do And What Not To Do).

If you have most recently been turned down for a loan, or for a new credit card, you may be in need of credit repair. Being denied credit is often the result of a bad credit report, which can happen in two circumstances. You have either managed your credit poorly, which has reflected in your credit report; or your credit file has some erroneous items, thus negatively impacting your report. In either situation, it is vital that you undertake credit repair as soon as possible.

TO DO:

Here is a strategy to help with your credit repair as recommended by a Dave Ramsey Financial Coaching. You can do this on your own and can thus repair your credit for free.

• Request a copy of your credit report from any one of the 3 credit bureaus. If this is your first request of the year, you will be given the report for free.

• Once you have your report, examine it closely. You have to study all the entries and mark all those which are incorrect and which are damaging your credit worthiness.

• After you have determined the wrong entries, you have to contact the credit reporting agencies and tell them to delete the erroneous entries from your report.

• Even if there are some correct entries in your credit report, but these are negative in nature, you could still get them removed. This would go a long way in ensuring credit repair. There is a certain time limit for which negative entries can stay on your report (usually between 7 and 10 years). If such time frame has passed, you should write to the credit bureaus to delete the negative items from your report.

• Ensure that all your correspondence with the credit companies and agencies is through registered mail. This way, you have proof of your requests and also when exactly you initiated the process of your credit repair. Keeping a record will also help you in case any deleted entry is re-included in your report anytime in the future.

• Within 30 days, some action should have been taken regarding the wrong items on your report. If the credit bureaus determine that the entries were in fact wrong, they will remove it from your report, thus bringing about the credit repair that you were after.

In case the matter is not resolved to your satisfaction, you should continue challenging the items on your report till such time that credit repair has indeed occurred.

NOT TO DO:

People whose credit report is low or who have a bad credit report often try desperate means to repair credit and thus end up hurting their credit even more. A lot of the information available on credit score repair and credit report repair tells you what to do to restore good credit. However, we will tell you about some of the things that you should NOT do in order to repair bad credit.

File Segregation: Many credit repair companies lure people with the false promises of bad credit repair by telling them that they can create a new credit file for them by issuing them a new identity. Thus, no matter what any credit repair company tells you – things like you will not be able to get any loans or even a credit card for the next few years, or that you will not be able to get a job etc; under no circumstances should you agree to the process of file segregation to repair bad credit.

2. Deleting accurate information from credit report: Some credit repair firms make claims to people that they can repair credit by getting accurate information of a negative nature deleted from their credit reports, thus improving their credit rating. This simply can not be done. Only inaccurate information can be removed from a credit report and not accurate data, unless such data is older than 7 to 10 years. Therefore, you should not trust someone who tells you that they can repair bad credit by removing negative items from your credit report.

3. Advance Payments: No credit repair company is lawfully allowed to ask for advance payments. They can only charge for services that have already been given and not beforehand. Thus, you should NOT be taken in by any company who wants high advance payments.

To find out more about Cambridge Credit Repair company go ahead and get more information.

Reduce Debt Without Credit Counseling

 Personal Finance  Comments Off on Reduce Debt Without Credit Counseling
May 042016
 

Here are 5 Smart Moves with Debt

Being in debt can feel like having a heavy weight chained to your foot, dragging you below the surface and drowning you in unpaid bills and a deteriorating credit score. Here are 5 smart moves to unchain yourself from that debt without resorting to credit counseling.

5 Smart Moves with DebtMove #1: Ask your credit card company for a lower rate: Your credit card company wants to keep your business. After all, if you carry with them a large balance at a high interest rate, you are paying them a hefty fee every month. Try calling them and asking them to reduce your rate, explaining that you have received lower-interest offers from other companies and that you are considering transferring your balances away unless they can match those lower rates. Believe me, your credit card company would rather keep some of that income than have it reduced to zero. Remember, there is no need to get nasty or threatening with them. Just be matter of fact about it and see what happens. If they refuse, go ahead and apply to other, lower-interest cards.

Move #2: Improve your credit score: A 50-point improvement in your credit score can save you $1000s per year in debt payments by making you eligible for lower interest rates. Do whatever you can to improve your credit score, including ordering your credit reports on the Internet and quickly correcting any errors you may find there.

Move #3: Pay yourself weekly: You may already have a monthly budget. If not, go ahead and prepare one. Then, divide it into 4 and make it a weekly budget. Now, pay yourself and your spouse a weekly allowance. Once your weekly allowance is gone (even if it is only Wednesday!), agree that you will halt all further purchases until the following week. This is a hard one to implement in terms of willpower. I suggest having 2-3 savings accounts and having one account for each week of the month. This is an easy way to keep track of how you are doing that week in terms of sticking to your budget.

Move #4: Keep a spending diary: Each evening, write down roughly how much you spent that day in a special spending diary or notebook. Create three columns: one for the name of the item, one for how much you spent, and one with a comment that labels the item ìneedî or ìwant.î For the wants, write a sentence or two about how that want was more important than your getting out of debt. By doing this, you will become much more self-aware about your spending habits.

Move #5: Set debt pay-down milestones: Everything is easier to achieve if you have clear goals in mind. Write down only your total unsecured debt. Now, think about the next 6 to 24 months and determine a realistic timeframe during which you will pay down that debt. Next, set two or three pay-down milestones during that time period and write down what your total debt balance will be by each milestone date. Then, as time passes, do periodic checks to make sure that you are on track and make adjustments accordingly.

To loosen the heavy weight of debt from your foot without resorting to credit counseling, you need to become more aware of your spending habits, improve your credit score, be smart about how you spend, and set goals for paying down that debt. You will soon be sitting pretty and debt-free.

You can get more secrets like this from http://5secretstosuccess.com/